WEX announces $1 billion share repurchase program authorization

WEX Inc. (NYSE: WEX) announced that its board of directors has authorized a new share repurchase program allowing the company to buy back up to $1 billion worth of common stock, plus transaction expenses and excise taxes.

The Portland, Maine-based payment solutions company said the repurchase authorization reflects the board's assessment of the stock's intrinsic value and commitment to returning capital to shareholders. President and Chief Executive Officer Melissa Smith stated the program underscores the company's free cash flow and financial capacity while maintaining focus on balance sheet strength and long-term growth investments.

Under the authorization, WEX may repurchase shares through various methods including Rule 10b5-1 trading plans, open market transactions, privately negotiated transactions, accelerated share repurchase programs, derivative transactions, or issuer self-tender offers. The timing and amount of repurchases will depend on market conditions, trading price, financial performance, and other investment opportunities.

The program does not require WEX to purchase any specific number of shares and has no expiration date. The company may modify, discontinue, or suspend the program at any time. WEX intends to conduct repurchases in compliance with Rule 10b-18 and existing debt covenant provisions.

The repurchase program is subject to share availability, market conditions, and the company's discretionary assessment of cash deployment opportunities, according to the company's statement.

You May Also Be Interested In

• AMTD group discloses share repurchase totals, plans to expand buybacks
• AI Financial repurchases 1.43 million shares for $1.84 million
• Mackay Gold to buy Comstock Nevada assets for up to $37M